Constitution Article XIV Section 4

[Limit of indebtedness of counties, cities, towns, and school districts -- Larger indebtedness may be allowed.]

Article XIV, Section 4.[Limit of indebtedness of counties, cities,
towns, and school districts -- Larger indebtedness may be allowed.]

(1) (a) If authorized to create indebtedness as provided in Section 3 of this Article, no
county may become indebted to an amount, including existing indebtedness, exceeding two per
centum of the value of taxable property in the county.

(b) No city, town, school district, or other municipal corporation, may become indebted
to an amount, including existing indebtedness, exceeding four per centum of the value of the
taxable property therein.

(2) For purposes of Subsection (1), the value of taxable property shall be ascertained by
the last assessment for State and County purposes previous to the incurring of the indebtedness,
except that in incorporated cities the assessment shall be taken from the last assessment for city
purposes.

(3) A city of the first or second class, if authorized as provided in Section 3 of this
Article, may be allowed to incur a larger indebtedness, not to exceed four per centum, and any
other city or town, not to exceed eight per centum additional, for supplying such city or town
with water, artificial lights or sewers, if the works for supplying the water, light, and sewers are
owned and controlled by the municipality.